Oil prices recorded their sharpest annual decline since the Covid pandemic in 2025.
Global benchmarks fell by nearly 20%, marking the biggest loss since 2020.
This was the first time oil prices dropped for three consecutive years.
Analysts blamed a heavily oversupplied market despite ongoing geopolitical conflicts.
Brent crude ended the year near $61 a barrel, down from about $74 in 2024.
US crude also fell close to 20%, settling near $57 a barrel.
International Energy Agency expects supply to exceed demand by 3.8m barrels a day.
Opec delayed planned output increases, but surplus production remains high.
Weak global growth and reduced Chinese demand have weighed on prices.
Analysts warn crude could fall into the mid-$50s next year.
Lower oil prices may ease inflation and fuel costs.
However, UK households still face higher energy bills after a cap rise by Ofgem.
